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The economy of the Brazilian state of Pernambuco is based on agriculture, animal husbandry and industries. The economy of the state, after stagnating from 1985 and 1995, has been growing rapidly since the end of the twentieth century. In 2000, the GDP per capita was R$3.673 ($2098), resulting in more than 40% growth in this period, and more than 10% in a year. In 2007, the GDP per capita grew up to R$7.337 ($4.217).
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Since the beginning of the Portuguese domain, the state was basically agriculture based, being one of the biggest sugar cane producers in the country. This is due to the weather and the soil, which is massapê. However, the state is now diversifying its economy; the production of alcohol and sugar (even being the 5th largest Brazilian producer) from the sugar cane is no longer as dominant as it used to be.
The biggest industries are related to food production, chemistry, pharmaceutical (Goiana), textile (Caruaru), electric materials, communication, metallurgy, non-metallic minerals (such as gypsum in Araripina) and tourism. It also plays an important role in fruit productions along the São Francisco River, which is almost totally destined to exportation- mainly concentrated in Petrolina due to its international airport that has a big capacity for receiving cargo airplanes. Gravatá, which is a fast-growing town in the state, is one of the main temperate flower producers in the Northeast.
Agricultural products
Between the major agricultural products cultivated in Pernambuco we can found cotton, banana, beans, sugar-cane, onion, cassava, corn, tomato and grape. In the husbandry, the major domesticated types of animals are cattle, swine, goat-antelope and galliformes. An important point to be made is the growth which the region is seeing after the 70's in the irrigated agriculture in the Sertão do São Francisco.
Industry and technology
Between 1997 and 1999, Suape - a big industrial and portuary complex of the southern littoral of Pernambuco- had a 16,7% growth. The state has the second biggest industrial production in the Northeast, being second to Bahia. From October 2005 to October 2006, Pernambuco had the second biggest industrial growth in Brazil - 6,3%, which is more than twice the national average in that period (2,3%).
Another sector which needs to be mentioned is the mineral extraction. Araripina produces 95% of the plaster consumed in the country. The textile sector plays also one important role in cities such as Caruaru and neighborhoods.
The informatics center in Recife – the Porto Digital – was created a few years ago and it is already between the five biggest in Brazil. It employs about 3,000 people, and has 3.5% participation in the GDP of the state. In 2007, the Digital Port was distinguished as the best Brazilian technological/innovation Park, between the Innovation prize attributed by the Brazilian National Association of Innovation and entrepreneurship (Anprotec).
Suape Port
Suape port is a Brazilian international port located among the municipalities of Ipojuca and Cabo de Santo Agostinho, inside the Recife metropolitan area and distant 40 km South of the capital (Recife). Suape serves ships 365 days a year without any restriction with regard to tidal schedules. Suape is one of the most important harbour and container terminals in northeast of Brazil playing an important role in the economy of the state of Pernambuco and responsibly for the economic state euphoria due to the construction of a large Petrobras refinery, a petrochemical pole, the largest ship builder in South America and many related and general industries around its 13.5 km2 of industrial park. Suape has started in the 21st century to be Pernambuco's motive power toward development. Huge national and international investments are being attracted by its logistic qualities, of which, until 2010, more than US$10 billion are expected.
New investments
Since 2005 Pernambuco has received many large and small public and private investments, mainly due to Suape port, general logistics, Government strategy of decentralization and geographical position of itself and the capital in the Northeast.